Veolia Environnement Sa · EURONEXT:VIE
Veolia Environnement Sa — Q3 2025 Earnings Presentation
36 slides from Veolia Environnement Sa's earnings presentation, Nov 6, 2025
Slide 1: November 6th, 2025
November 6th, 2025 Estelle Brachlianoff, CEO Emmanuelle Menning, CFO
Slide 2: Agenda
AGENDA 1 Highlights 2 9M 2025 Key Figures
Slide 3: 1 Highlights
1 HIGHLIGHTS Estelle Brachlianoff, CEO
Slide 4: Key 9M Highlights
Key 9M Highlights Solid 9M results, in line with annual guidance Resilience and growth thanks to diversified geographic footprint (80% international) and agility to adapt Value creation confirmed via Veolia winning formula: Growth, Performance and smart Capital Allocation Strong confidence to delive
Slide 5: Solid 9M 2025, in line with annual guidance
Solid 9M 2025, in line with annual guidance ● Sustained growth: Revenue of €32,323M, up +3.2%(1) excl energy prices, in line with H1 ● Strong operational performance, in line with annual guidance, fueled by yearly efficiency plan at €295M and Suez synergies at €73M (€508M cumulated since merger) ○ E
Slide 6: 80% international ensuring resilience and adaptability
80% international ensuring resilience and adaptability 80% International Highly resilient ● International businesses (80%) more profitable ● Local/municipal contracts, not federal/national and faster growing ● Independant from national budget/subsidies ● Group performance structurally not sensitive
Slide 7: Enhanced growth of our activities outside Europe
Enhanced growth of our activities outside Europe North America Africa Middle-East Latin America Asia +6.2%(1) Revenue growth in Q3 +10.5%(1) Revenue +9.4%(1) Revenue +5.0%(1) Revenue (+3.8%(1) YTD) growth in Q3 (+6.7%(1) YTD) growth in Q3 (+10.2%(1) YTD) growth in Q3 (+2.2%(1) YTD) Hubgrade Center,
Slide 8: Solid performance of our Strongholds activities in 9M 2025
Solid performance of our Strongholds activities in 9M 2025 Water Operations Solid Waste District Heating Networks Revenue: €9,425M, up +3.9%(1) Revenue: €8,397M, up +0.9%(1) Revenue: €4,896M, up +2.7%(1)(2) ● Solid growth fueled by good volumes & ● Resilient activity in Europe as ● Strong operationa
Slide 9: First hybrid Municipal & Industrial Desalination plant in Chile
First “hybrid” Municipal & Industrial Desalination plant in Chile FIRST IN CHILE ● Operation and maintenance of the desalination plant (1,000L/s) and the 105 km pumping system ● Initial 4 years and renewal clauses through 2040 ● Ahead of five national and international companies part of the tender A
Slide 10: Dynamic Boosters with capital allocation starting to bear fruit
Dynamic Boosters with capital allocation starting to bear fruit Water Technologies Hazardous Waste Bioenergy, Flexibility, Energy Efficiency Revenue: €3,555M, +2.0%(1) Revenue: €3,126M, up +5.5%(1) inc. targeted M&A (+4.4% organic) Revenue: €2,924M, up +21.3%(1)(2) ● Solid growth in higher margin ac
Slide 11: Best-in-class Innovative Technologies with Major Energy Companies
Best-in-class Innovative Technologies with Major Energy Companies Largest complex industrial water project in the TotalEnergies and Veolia joining forces for the Energy Middle-East for SATORP (Saudi Aramco/Total) Transition and the Circular Economy ● $500M project ● Innovative technologies to measur
Slide 12: Efficiency gains and Suez synergies in line with targets
Efficiency gains and Suez synergies in line with targets Synergies post-Suez Efficiency gains: €295M in 9M €73M in 9M, €508M to date in line with annual target of >€350M in line with >€530M target by end 2025 Recurring operational efficiency embedded in business model SG&A Operational 8% SG&A effici
Slide 13: Dynamic capital allocation creating value, aligned with GreenUp
Dynamic capital allocation creating value, aligned with GreenUp ~€2.3bn net M&A mainly dedicated to boosters in 2025, after ~€1bn disposals of non strategic assets in 2024 Dynamic capital allocation: 9M acquisitions Value creation Water technologies ● Acquisition of CDPQ 30% minority interests in Wa
Slide 14: 2025 Guidance fully confirmed
2025 Guidance fully confirmed Revenue Continued solid organic growth(1)(2) Share buy-back plan to compensate the impact of EBITDA +5% to +6% organic growth(1) the employee shareholding program (2025-2027) Efficiency gains >€350M Cumulated synergies €530M 2022-2025 of which €95M in 2025 Upcoming Even
Slide 15: GreenUp: Value creation offering resilience + growth
GreenUp: Value creation offering resilience + growth Fully confirmed 1.Growth 2.Performance 3.Capital Allocation GreenUp targets Solid and resilient growth(1) Boosters Efficiency Growth: €1bn/year net Mid to high single digit €350M/year = ≥ €8bn EBITDA growth(1) + in 2027 Investments in organic Syne
Slide 16: 9M 2025 Key Figures
9M 2025 2 KEY FIGURES Emmanuelle Menning, CFO
Slide 17: Strong 9M 2025 Results, in line with annual guidance
Strong 9M 2025 Results, in line with annual guidance FX impacts 9M % (vs. 9M 2024) Variation at Revenue -446 -1.4% In €M 9M 2024 9M 2025 constant scope and FX EBITDA -68 -1.4% Current EBIT -44 -1.7% +1.7% Revenue 32,543 32,323 Net financial debt -420 -2.4% +3.2% excl. energy prices (vs.12/2024) EBIT
Slide 18: 9M 2025 Revenue by geography: 80% international
9M 2025 Revenue by geography: 80% international Evolution vs 9M 2024 ● Water Technologies: Very dynamic Product & Technologies as well as Services, temporary milestones delays on Projects. Strong EBITDA organic growth of In €M 9M 2024 9M 2025 Variation(1) c.+10% ● Rest of the World: Acceleration of
Slide 19: Water: Strong 9M performance
Water: Strong 9M performance Evolution vs 9M 2024 Variation vs. 2024 9M 2025 ● Water Operations revenue of €9,425M, up Revenue 9M 2024 13,324 +3.9%(1) ○ Price indexations: +3% to +4% in Iberia, CEE, the US, Scope(2) -4.4% -0.8% in France Forex -1.5% ○ Good volumes across Europe (~ +2.8%) Commerce/Vo
Slide 20: Waste: Continued strong growth in Hazardous Waste
Waste: Continued strong growth in Hazardous Waste Evolution vs 9M 2024 Variation vs. 2024 9M 2025 Revenue 9M 2024 11,656 ● Solid Waste revenue of €8,397M, up +0.9%(1) ○ Overall resilience thanks to: Top 3 positioning, balanced Scope(2) -1.1% geographical and client footprint, combination Forex -1.8%
Slide 21: Energy: Good performance in both District Heating Networks and Energy Services
Energy: Good performance in both District Heating Networks and Energy Services Evolution vs 9M 2024 Variation vs. 2024 9M 2025 ● District Heating Networks revenue of Revenue 9M 2024 7,563 €4,896M, up +2.7%(1) Scope(2) +5.2% ○ Strong operational performance: stabilized heat prices, Forex -0.4% new DH
Slide 22: 9M 2025 Revenue of €32,323M, up +3.2% excl. energy prices
9M 2025 Revenue of €32,323M, up +3.2%(1) excl. energy prices In €M Evolution vs 9M 2024 Organic growth: +3.2%(1) Forex of -€446M: depreciation of USD, AUD, excl. energy prices ARS, BRL partially offset by PLN and MAD 32,543 32,323 Scope of -€327M, of which 2024 divestitures of Sade, Lydec and RGS, p
Slide 23: 9M 2025 EBITDA of €5,080M, up +5.4%
9M 2025 EBITDA of €5,080M, up +5.4%(1) In €M Evolution vs 9M 2024 Forex of -€68M: ● No impact on margin (translation only) ● c. 60% of revenue non euro / international 4,936 5,080 Group footprint Scope of -€56M, of which impact of 2024 divestitures of Sade, Lydec and RGS, partially offset by acquisi
Slide 24: Current EBIT of €2,737M, up +7.9%
Current EBIT(1) of €2,737M, up +7.9%(2) Evolution vs 9M 2024 In €M 9M 2024 9M 2025 Variation Current EBIT(1) up +7.9%(2) to €2,737M, showing good operating leverage and lower provision reversals EBITDA 4,936 5,080 +5.4%(2) ● D&A(1) excl. OFA up 1.9%(2) to € 2.1bn Renewal expenses -225 -231 (-€40M(2)
Slide 25: 2025 Guidance fully confirmed
2025 Guidance fully confirmed Revenue Continued solid organic growth(1)(2) Share buy-back plan to compensate the impact of EBITDA +5% to +6% organic growth(1) the employee shareholding program (2025-2027) Efficiency gains >€350M Cumulated synergies €530M 2022-2025 of which €95M in 2025 Upcoming Even
Slide 26: Appendices
APPENDICES Qveoua
Slide 27: Appendix 1: 2024/2025 Events
APPENDIX 1: 2024/2025 Events ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch https://www.youtube.com/watch ?v=aWqg9US28ls ?v=KoSk8eA8KEo AND PRESENTATION AND PRESENTATION ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch? https://www.youtube.com/watch? v=HU6UdyzMBPI v=H
Slide 28: Appendix 2: Contracts
APPENDIX 2: Contracts Long-term contracts, 11 years average, >90% renewed Revenues in €M of which Rabat Prague of which Braunschweig of which Tangiers of which Tetouan Barcelona of which VEDIF of which of which of which Tashkent Ostrava Bucarest 28
Slide 29: Appendix 3: 9M 2025 Detailed Revenue by geography
APPENDIX 3: 9M 2025 Detailed Revenue by geography In €M 9M 2024 9M 2025 Variation(1) Water Technologies 3,598 3,555 +2.0% Rest of the World 8,853 8,334 +4.6% Asia - Pacific 3,296 3,263 +1.7% o/w Asia 1,739 1,754 +2.2% o/w Pacific 1,557 1,509 +1.5% Latin America 1,390 1,382 +10.2% North America 2,515
Slide 30: Appendix 4: Q3 and 9M 2025 Revenue by geography
APPENDIX 4: Q3 and 9M 2025 Revenue by geography Revenue in €M and Variation growth at constant Q1 Q2 H1 Q3 9M Variation 9M Q3 scope and forex Water Technologies -0.1% +5.4% +2.8% 1,146 +0.3% 3,555 +2.0% Rest of the World +5.0% +2.4% +3.7% 2,801 +6.6% 8,334 +4.6% +0.6% +2.8% +1.6% -1.8% +0.6% Europe(
Slide 31: Appendix 5: 9M 2025 Detailed Revenue by business
APPENDIX 5: 9M 2025 Detailed Revenue by business In €M 9M 2024 9M 2025 Variation(3) Municipal Water (Stronghold) 9,726 9,425(4) +3.9% Water Technologies and New Solutions (Booster) 3,598 3,555 +2.0% Total Water 13,324 12,981 +3.4% Solid Waste (Stronghold) 8,487 8,397 +0.9% Hazardous Waste (Booster)
Slide 32: Appendix 6: Net financial debt of €19,925M under control
APPENDIX 6: Net financial debt of €19,925M(1) under control Year-end leverage below 3x at year-end Net financial debt(1) of €19.9bn at 30/09/2025 vs. €17.8bn at 31/12/2024, after net financial investments of €2.3bn (incl. purchase of CDPQ stake in WTS for ~€1.5bn) In €M 19,925 17,819 (1) before Suez
Slide 33: Appendix 7: Successful debt refinancing in Q3
APPENDIX 7: Successful debt refinancing in Q3 In €M Successful bond debt refinancing: ● First hybrid Green Bond of €500M issued in May 2025 ● 7-year €850M at 3.324% + 12-year €650M at 3.795% issued in June 2025 ● €850M hybrid bond issued in September 2025 Smooth debt repayment schedule: ● €336M conv
Slide 34: Appendix 8: Forex
APPENDIX 8: FOREX Reminder on Forex for Veolia: c.40% Euros / c.60% non Euros ➔ No impact on margin ➔ No transaction exposure ➔ Translation exposure only: revenues and costs in the same currency 9M 2024 9M 2025 Variation 1€ = xxx foreign currency closing rate average rate closing rate average rate c
Slide 35: Important Disclaimer
This document presents the key figures for the first nine months of 2025. The operating and financial review, as approved by the Board of Directors, in its meeting held on 5 November 2025, is available on Veolia’s website at https://www.veolia.com/en/veolia-group/finance. IMPORTANT DISCLAIMER Veolia
Slide 36: Contacts
CONTACTS Analyst & Investor Relations Media Relations Selma Bekhechi Laurent Obadia Head of Investor Relations Deputy CEO in charge of Stakeholders and Phone: +33 1 85 57 84 76 Communications, Advisor to the Chairman E-mail: selma.bekhechi@veolia.com Phone: +33 1 85 57 89 43 E-mail: laurent.obadia@v